IRDA Notifications

ULIP Investments – New Rules

Corporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....

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ULIPS: New Regulatory & Tax Regime

Corporate Law - The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and I...

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Second Amendment to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016

Corporate Law - Attention is drawn to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016 notified on 14th December, 2016 in the official gazette....

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Proposed IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017

Corporate Law - The Authority has issued an Exposure Draft along with Proposed Regulations on IRDAI (Outsourcing of Activities by Indian Insures) Regulations, 2016 on 16/8/2016 seeking comments from various stakeholders...

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Report of Implementation Group on Ind AS in Insurance Sector in India

Corporate Law - The need for uniform reporting of financial statements of business entities is an off shoot of globalization. India, being an important player, in the evolving world economy, needs to respond to international trends. With several businesses operating across borders and reaching international capital markets, there is a need for establishi...

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Portability of Health insurance from one company to another

Corporate Law - Insurance Regulatory and Development Authority (IRDA) has issued guidelines vide circular dated 9.9.2011 implementing portability of health insurance policies amongst non-life insurance companies w.e.f. 1.10.2011. The health insurance policy holder by virtue of the said circular can, at the time of renewal, switch:- ...

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Norms of Health Insurers implementing portability of health insurance policies

Corporate Law - The Health Insurance Policy Holder can at the time of Renewal of his/her policies can shift to another Insurance Company for a similar product, if he is not satisfied with the present Insurance Company for any reason, without losing the Credits gained, if renewed with the existing company. This was not the case earlier; because change in ...

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Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act

New India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....

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Insurance company liable to pay compensation till vehicle owner’s name is in register

Pushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...

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Recent Supreme Court Judgment Misinterpreted to Infer That Date Of Rejection of A Claim is Irrelevant

Limitation period means the time within which a person must file his case before a judicial authority for exercising his rights. This period is to be calculated from the date of the cause of action. This term does not have any definition, but it is well settled that “cause of action” is a mixed ...

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Clarifications on Guidelines on insurance e-commerce and electronic issuance of insurance policies

IRDA/ BRK/ CIR/ INSRE/211/09/2017 - (07/09/2017) - The Authority as part of its developmental mandate and to reach out to the policyholders in a cost efficient manner has taken number of steps. This includes issuing revised guidelines on insurance repositories, insurance e-commerce, issuance of electronic insurance policies, maintenance of electroni...

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IRDA Clarification on Aadhaar based e-KYC

Ref. No: IRDA/SDD/MISC/CIR/204/08/2017 - (31/08/2017) - Authority vide circular dated 21st October, 2013 and AML Master Circular dated 28th September, 2015 allowed Aadhaar based e-KYC service offered by UIDAI for KYC verification. 2. It is hereby clarified that for accessing the details of the client from UIDAI for identification and authentication shall...

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Modification to Guidelines on Point of Sales (POS) – Life Insurance

Ref: IRDAI/LIFE/CIR/MISC/POS/185/08/2017 - (08/08/2017) - Annexure –I (a) – Pure Term Insurance Product with or without return of Premium wherein the maximum Limit of Sum Assured under the Pure Term Product was capped up to Rs 25 Lakhs (excluding ADB Rider) Only...

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‘Telematics’ and role it can play in Motor Insurance

Ref: IRDAI/NL/PNTC/MISC/179/08/2017 - (03/08/2017) - The world of technology is dynamic. Technology constantly makes waves in every field and the insurance industry too has benefitted immensely from the advantages technology offers. In this paper, we restrict ourselves to the concept of ‘Telematics’ and the role it can play in Motor Insurance....

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IRDAI Master Circular: Unclaimed Amounts of Policyholders

Circular No. IRDA/F&A/CIR/Misc/173/07/2017 - (25/07/2017) - All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on 30th September, 2017 need to transfer the same to the Senior Citizens’ Welfare Fund (SCWF) on or before 1st March, 2018. ...

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Recent Posts in "IRDA Notifications"

Clarifications on Guidelines on insurance e-commerce and electronic issuance of insurance policies

IRDA/ BRK/ CIR/ INSRE/211/09/2017 (07/09/2017)

The Authority as part of its developmental mandate and to reach out to the policyholders in a cost efficient manner has taken number of steps. This includes issuing revised guidelines on insurance repositories, insurance e-commerce, issuance of electronic insurance policies, maintenance of electronic records, etc....

Read More

IRDA Clarification on Aadhaar based e-KYC

Ref. No: IRDA/SDD/MISC/CIR/204/08/2017 (31/08/2017)

Authority vide circular dated 21st October, 2013 and AML Master Circular dated 28th September, 2015 allowed Aadhaar based e-KYC service offered by UIDAI for KYC verification. 2. It is hereby clarified that for accessing the details of the client from UIDAI for identification and authentication shall be with the consent of the client on a ...

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Modification to Guidelines on Point of Sales (POS) – Life Insurance

Ref: IRDAI/LIFE/CIR/MISC/POS/185/08/2017 (08/08/2017)

Annexure –I (a) – Pure Term Insurance Product with or without return of Premium wherein the maximum Limit of Sum Assured under the Pure Term Product was capped up to Rs 25 Lakhs (excluding ADB Rider) Only...

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Second Amendment to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016

Attention is drawn to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016 notified on 14th December, 2016 in the official gazette....

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Posted Under: Corporate Law |

‘Telematics’ and role it can play in Motor Insurance

Ref: IRDAI/NL/PNTC/MISC/179/08/2017 (03/08/2017)

The world of technology is dynamic. Technology constantly makes waves in every field and the insurance industry too has benefitted immensely from the advantages technology offers. In this paper, we restrict ourselves to the concept of ‘Telematics’ and the role it can play in Motor Insurance....

Read More

IRDAI Master Circular: Unclaimed Amounts of Policyholders

Circular No. IRDA/F&A/CIR/Misc/173/07/2017 (25/07/2017)

All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on 30th September, 2017 need to transfer the same to the Senior Citizens’ Welfare Fund (SCWF) on or before 1st March, 2018. ...

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Implementation of Ind AS in Insurance Sector deferred for 2 Years

Ref: IRDA/F&A/CIR/ACTS/146/06/2017 (28/06/2017)

Implementation of Ind AS in the Insurance Sector in India has been deferred for a period of two years and the same shall now be implemented effective 2020-21....

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IRDA (Protection of Policyholders’ Interests) Regulations, 2017

F. No. IRDAI/Reg/8/145/2017 (22/06/2017)

1. These regulations may be called The Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests) Regulations, 2017. 2. These regulations shall come into force from the date of their publication in the official Gazette of the Government of India and supersede Insurance Regulatory and Development Aut...

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Procedure to be followed to deal with resignation of ISPs of IMFs

Circular No. IRDA/INT/CIR/IMF/122/05/2017 (25/05/2017)

Procedure to be followed to deal with resignation of Insurance Sales Persons (ISPs) of Insurance Marketing Firms (IMFs). On receipt of resignation letter from an ISP, the IMF has to forward the same along with the copy of its registration certificate either to the Life Insurance Council or General Insurance Council as per the above alloc...

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IRDA Guiding Principles for Pricing of Risk

Circular No. IRDA/NL/MISC/PRO/115/05/2017 (09/05/2017)

1) The Loss Costs for Fire line of business published by IIBI in the 2nd Schedule of Loss Costs for various occupancies is to be considered in determining the premium rates. 2) In the alternative, the Loss Cost of a particular occupancy based on the Insurer`s own past acceptances may be considered, for all available periods....

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